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Published 12:06 IST, February 1st 2025

Maritime Development Fund : What Is The Rs 25,00 Crore Corpus For?

This will be for distributed support, and promoting competition.

Reported by: Money Desk
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Maritime Development Fund : What Is The Rs 25,00 Crore Corpus For? | Image: X

During the budget presentation on February 1, 2025, Finance Minister Nirmala Sitharaman announced the creation of Maritime Development Fund with a corpus of Rs 25,000 crore

Support For India's Ship Building Industry

“Ship bulding financial assistance policy will be revamped to address cost disadvantages.” Sitharaman said. 
This will also include credit notes for ship-wrecking in Indian yards, to promote the circular economy.
Large ship of a certain size will be included in infrastructure harmonised master list.
Ship building clusters will be facilitated to increase the range, facilities, and capaicties of ships. 
This will inclide additional infrastructure, facilities, skilling, and technology to develop the entire ecosystem. 

Maritime Development Fund

Maritime Development Fund for long term financing for the maritime industry, will be launched with a corpus of Rs 25,000 crore.
This will be for distributed support, and promoting competition. 
“This will have 49 per cent contributon by the government, balance will be mobilised from ports and private sector." the moinister said.

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Updated 16:26 IST, February 1st 2025